WASHINGTON,
D.C. -- U.S. Representative Jan Schakowsky (D-IL) today called H.R. 8,
a bill to fully repeal the estate tax, a gift to the wealthiest Americans.
She said that H.R. 8 is a special interests giveaway that, once fully phased
in over ten years, would cost $50 billion a year. In Illinois, less
than 2500 families will benefit from the full repeal of the estate tax.
“This
is one of the worst pieces of legislation I have ever seen. It does
nothing to provide immediate relief to farms and small business,” Schakowsky
said.
“At
a cost of $50 billion a year once it is fully phased in, this fiscally
irresponsible repeal would be felt by the vast majority of Americans who
will see less money for housing, healthcare, education, transportation
and other domestic priorities,” Schakowsky added.
Schakowsky
expressed disappointment that the House did not approve a fiscally responsible
Democratic alternative that would have provided immediate relief to family
farms and small business owners. The Democratic alternative would
have allowed a married couple to pass on the family farm or small business
intact, with no estate tax, if it is worth up to $4 million.
“It
is unconscionable to give Bill Gates and the richest Americans a gift worth
billions of dollars, while millions of seniors are struggling to pay for
their prescription drugs. This repeal means that the richest would
be able to pass to their heirs vast fortunes without a penny in taxes,
while our children will be left with a greater burden of saving Social
Security and Medicare,” Schakowsky said. |
